Ms Annmarie O'Connor:

I make an observation related to the layers of regulation, but more fundamentally to our interest, which is financial inclusion. The discussion on what is going on in the credit unions has gone on for some time. The CUAC report sets out clearly what has been achieved in terms of the commission's recommendations. What has been achieved is hugely significant. The financial inclusion side seems to be lacking. Listening to some of the dialogue there is frustration over a credit union movement that in part cannot borrow and also people cannot save in it. Where will that end up particularly for people who want to have that service available in their local community? I am concerned at the potential for people to drift out of this model now. The old supports that were once there for many people are not facilitated by the regulatory model. We have an opportunity now; we have a very well structured movement. It is time to put some of those arguments to bed and for the credit union movement to have a vision that supports its membership and indeed new members.